Companies & Sectors
GAIL signs gas purchase pact with Gazprom

Under the terms of the agreement, GAIL will receive 2.5 million tonnes of LNG per annum (equivalent to about 130 million British thermal unit or 3.5 billion cubic metres or 122 billion cubic feet per annum) over a period of 20 years beginning 2018-19.

 
New Delhi: State-owned gas utility GAIL India said it has signed an agreement with Russia’s Gazprom to buy 2.5 million tonnes per annum of gas for 20 years, reports PTI.
 
GAIL “has signed a legally binding 20-year liquefied natural gas (LNG) sales and purchase agreement (SPA) with Gazprom Marketing and Trading Singapore (GM&TS), a 100% wholly-owned subsidiary of Gazprom Marketing & Trading,” the company said in a press statement.
 
Under the terms of the agreement, GAIL will receive 2.5 million tonnes of LNG per annum (equivalent to about 130 million British thermal unit or 3.5 billion cubic metres or 122 billion cubic feet per annum) over a period of 20 years beginning 2018-19.
 
LNG will come from Gazprom’s Shtokman production facilities which have 130 trillion cubic feet of inplace reserves. This would be “optimised and supplemented by GM&T's global trading portfolio and capabilities,” it said.
 
“Under the contract, LNG will be sustainably priced with an oil-indexed formula and delivered to Dahej, Dabhol and Kochi terminals in India,” GAIL said without giving price details.
 
Commenting on the development, GAIL chairman and managing director B C Tripathi said, “This long-term LNG supply agreement with Gazprom, which holds the world’s largest gas reserves, is another milestone in Indian’s Russian Energy cooperation.”
 
“The deal with Gazprom reinforces GAIL's commitment to facilitate the development of the Indian market for which US$6 billion investments are being made by GAIL in creating natural gas infrastructure,” he said.
 
Speaking on the partnership, Gazprom Marketing & Trading CEO Vitaly Vasiliev said, “We are delighted to have signed this agreement with GAIL, during a period of rising demand for LNG in India. We are looking forward to working together with GAIL to help meet India’s expanding gas demand whilst securing a long-term market for Russian gas.”
 

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Global airline industry may record modest profits next year

The global airlines’ body estimated that Asia-Pacific airlines were set to post a $2.3 billion profit for 2012, which was $0.3 billion better than previously forecast

 
New Delhi: The crisis-hit global airline industry may stem its growing losses and even record modest profits next year, with air carriers in Asia-Pacific estimated to post profits this year, reports PTI quoting IATA.
 
A major reason for this upward revision by the International Air Transport Association (IATA) was better performance by the airlines through better matching of capacity to demand and various cost-cutting measures, IATA estimated in its latest financial forecast titled “Downward Pressure Starting to Ease”.
 
Noting that the European sovereign debt crisis continued and China was experiencing moderate growth, IATA director general and CEO Tony Tyler said, “While some of these risks have diminished slightly over recent months, they continue to take their toll on business confidence. The outlook improvement is due to airlines performing better in a difficult environment.”
 
The global airlines’ body estimated that Asia-Pacific airlines were set to post a $2.3 billion profit for 2012, which was $ 0.3 billion better than previously forecast.
 
But these carriers, which catered to 40% of the global cargo market, were “the most exposed to weak cargo demand”.
 
While European airlines were expected to post the largest loss of any region at $ 1.2 billion, worse than previously forecast, those from North America were estimated to post profits of $1.9 billion in 2012, up $0.5 billion from the previous forecast, IATA predicted.
 
In its first look at 2013, IATA estimated a rise in industry profits to $7.5 billion, as forecasts pointed to “slightly stronger economic growth and lower oil prices”.
 

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VE Commercial Vehicle sales decline 32% in September

Domestic sales stood at 3,026 units in September against 4,152 units in the year-ago period, down 27.11%, VECV said in a statement

New Delhi: Automaker VE Commercial Vehicles (VECV) on Monday reported a 31.92% decline in total sales at 3,150 units in September, reports PTI.

 

The company, which is a joint venture between the Volvo Group and Eicher Motors, had sold 4,627 units in the same month last year.

 

Domestic sales stood at 3,026 units in September against 4,152 units in the year-ago period, down 27.11%, VECV said in a statement.

 

VECV said total sales of buses increased 11.27% to 612 units during the month against 550 units in the year-ago period.

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